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Gretna's players have been told the struggling club will go into administration on Monday or Tuesday.
At a meeting at Raydale Park, the squad were informed administration papers had been filed at a court in Edinburgh.
It will mean an immediate 10-point penalty and almost certain relegation from the SPL, while their players will become available for transfer.
However, the SPL expects Gretna to stay in business at least until the end of the season.
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